Michigan

In this July 10, 2012 file photo, Auguste Rodin's sculpture "The Thinker" is shown outside The Detroit Institute of Arts in Detroit. Officials say the Detroit Institute of Arts' collection could be sold to help satisfy creditors if the financially troubled city of Detroit seeks bankruptcy protection. The city's state-appointed emergency manager Kevyn Orr is considering whether the collection should be considered city assets that could be sold to cover Detroit's long-term debt. The debt is estimated at around $15 billion.
((AP Photo/Paul Sancya))

DETROIT, MI - Foundations contributing millions to protect the Detroit Institute of Arts collection said Monday the donations will not replace existing commitments to nonprofits in Metro Detroit.

"Our participation in this plan is not intended to be the totality of our investment in Detroit now or in the years to come, and it does not replace our existing philanthropic commitments," wrote a collection of foundations in a "Statement to the People of Detroit. "The philanthropies in this working group are thinking carefully about how this proposal can complement our ongoing individual efforts in Detroit, and be part of our overall strategies for supporting Detroit and Southeastern Michigan to build a strong future."

The statement came from a working group of foundations including: the Community Foundation for Southeast Michigan, William Davidson Foundation, Fred A. and Barbara M. Erb Family Foundation, Ford Foundation, Hudson-Webber Foundation, Kresge Foundation, John S. and James L. Knight Foundation, McGregor Fund, and Charles Stewart Mott Foundation.

The group said they "readily agreed" to work on a compromise that would raise $330 million for Detroit retiree pensions in exchange for protecting the DIA's collection. It would also transfer the museum's collection away from city control to prevent a similar threat to the art works in the future.

The city is considering selling at least a portion of the DIA's valuable collection to raise money for a bankruptcy settlement. The city-owned artworks are valued at as much as $866 million.

The foundations said in their statement they hope their $330 million plan will help bring about a bankruptcy settlement.

"As a diverse group of local and national philanthropies, we are pleased to contribute to what we hope will be a balanced, workable plan that will enable Detroit to emerge from bankruptcy renewed and stronger," the statement said.

"While we approach this matter from different perspectives, we are united in the view that the plan offers an important opportunity to help Detroit find much needed solutions to its unique challenges," the statement said. "Helping to protect the hard-earned pensions of city workers while also preserving the DIA's collection for all the people of Southeastern Michigan are worthy components of a balanced overall settlement that will help ignite Detroit’s renewal."